The State of Georgia Down Payment Assistance Program is BACK!!
What does this means for you?
Home buyers can AGAIN buy a home with up to 14,000 in grant funds!
Credit eligible home buyers in the State of Georgia may qualify for a second mortgage to put toward their down payment on the purchase of a foreclosed home in Georgia purchase for owner occupancy. No payments are due on this zero-interest second mortgage until the home is sold, refinanced or is no longer used as the borrower's primary residence and will be completely forgiven in around five and one-half years. There is NO first-time home buyer requirement
The Georgia Dream NSP Purchase Program was created to encourage the purchase of foreclosed properties. Funds utilized are an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008.
The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are disbursed in the form of a second mortgage lien with no interest and no monthly payments. The lien is released over a period of five years and six months. Funds may be used for required repairs and/or down payment assistance.
How do I apply?
- All buyers must receive eight hours of in-person home buyer education/counseling provided by a HUD-approved housing counseling agency.
- Contact a Georgia Dream participating lender for pre-qualification and to begin the mortgage loan process. The lender will evaluate your credit worthiness based on FHA or VA guidelines and your qualifications for the program based on the Georgia Dream NSP Down Payment Program guidelines
GotMableton.com -Mableton Realtors
Down Payment Assistance Hotline